30 June 2023
WICHITA, Kan. (KSNW) — Chance Rides, a Wichita company known for creating roller coasters and other amusement rides, is preparing for its next curve.
The manufacturing company has formed a financial partnership with Permanent Equity, a Missouri-based private equity firm.
The company will keep the Chance Rides‘ name, the 130 workers, and the current management team. But current owner and CEO Dick Chance will transition to holding a minority interest. Aaron Landrum, who has been Chance’s president and chief operating officer since 2017, will become CEO.
The Chance Rides facility near Kellogg and I-235 includes the tall building drivers can see from the highway. It is the same location where Harold Chance founded Chance Manufacturing Company in 1961, building the first C.P. Huntington Train.
When he retired, his son Dick Chance started Chance Industries with its subsidiaries — Chance Rides, Chance Coach and Chance Engineering.
Chance Rides is now known as the largest manufacturer of amusement rides, roller coasters, observation wheels and people movers in the U.S.
Dick Chance’s children have all been involved with the company.
“This company has meant everything to me. It’s been my life and my family for so many years,” he said in a news release. “It was my main goal to continue the legacy of Chance Rides long after I’m gone and for the company to be successful in the future. I’ve had the honor of leading the company for close to 40 years, and I know Permanent Equity will help the Chance legacy continue far beyond the next 40 years.”
“With Permanent Equity’s financial partnership, the future of Chance Rides shines brightly and with immense optimism,” Landrum said. “Our organization thrives on the exceptional skills, capability and dedication of our outstanding team, coupled with our longstanding commitment to delivering world-class products and services.”
“Chance Rides has always been a driving force in the industry,” John Chance, vice president of Business Development, said. “From innovative new thrill rides to our timeless, classic line of carousels and trains, we have always been committed to providing our customers the highest quality products and service.”
“Chance Rides has a fabulous reputation in the amusement industry. Their unwavering commitment to craftsmanship and quality is admirable, resulting in deep bonds built among customers over six decades,” Tim Hanson, Permanent Equity chief investment officer, said. “We’re excited to invest in the continued success of this management team and to roll up our sleeves alongside them to do more of what they do best – make the world more fun.”
Landrum says Permanent Equity’s core values work well with Chance Rides’.
“Our diverse customer base can expect uninterrupted service and timely deliveries during this transition,” he said. “This is a thrilling period for Chance Rides as we embark on new and innovative projects, expand into new markets, and actively recruit skilled professionals to join our team.”
John Chance said Permanent Equity has a proven track record of preserving company legacies and enhancing what’s already working.
“They’re not trying to come in and change everything,” he said. “They care about our company, employees and customers.”
As for Dick Chance, he says it has been a fun ride. He plans to travel and work on his hobbies. As for which of the Chance Rides he likes the most, he says it is one in Louisville, Kentucky.
“My favorite ride was truly a family-led project,” he said. “It is the Lightening Run GTX Coaster in the Kentucky Kingdom. It was the last project my late son, Michael, and John worked on together.”
Over the last 60 years, Chance Rides has made, delivered and installed more than 3,000 amusement rides and people movers.